How it Works for Employers

The diagram summarizes LyfeBank's patent-pending method for combining health benefit contributions from multiple employers. Supported by a robust on-line transactions processing systems, this method benefits individuals with multiple jobs and families with multiple wage-earners. Every LyfeBank enrolled employer can participate.

FRANK'S TIRES

Before LyfeBank
Frank's Tires has 6 locations in 2 states with 150 employees. The company has 60 full-time employees and 90 part-time employees. The company maintains 2 group policies for full time, one in each state. No health coverage is offered for part-time employees, though management wishes they could. The company just can't afford the additional cost to the group plan for part-time employees. It takes a lot of management oversight to make sure none of their part-time staff work over their allotted hours to avoid the trip-wire for the group health plan eligibility.

BRAD'S APPLIANCE MART

Before LyfeBank
Brad's Appliance Mart had 3 locations with 50 full-time staff, 50 regular part-time and 20 seasonal for the holiday season. Brad's Appliance Mart has 1 group plan that just covers the 50 full-time employees. Management has struggled with high turn-over in their part-time and seasonal staff and want to provide a benefit that would increase retention, but have yet to determine something appropriate.

SOUTHWEST COMMUNITY COLLEGE

Before LyfeBank
The Southwest Community College employs 300 teaching staff. The staff break down consists of 125 full-time, and 175 part-time. The college has one group policy that only covers the 125 full-time teaching staff. The part-time staff do not qualify for health coverage.

FRANK'S TIRES

With LyfeBank
Now Frank's Tires can provide budgeted health contributions based on employee class to all their full-time and part-time employees. The employees purchase individual and family healthcare policies usually at a cost savings from the group plan rates. The 2 group policies in each state are no longer needed nor are their administration time and expense. The scheduling barrier of part-time staff is removed. Employees now can be scheduled based on key business factors not healthcare. The health contribution amount is fixed until Frank's Tires decides to change.

BRAD'S APPLIANCE MART

With LyfeBank
The company's group plan continues to cover its 50 full-time employees. However, now Brad's Appliance Mart can offer a LyfeBank healthcare contribution based on what they can afford for all their part-time and seasonal staff. When recruiting for part-time and seasonal staff this new benefit has been a huge value by increasing employee retention, providing huge savings to the company in HR recruiting and job training.

SOUTHWEST COMMUNITY COLLEGE

With LyfeBank
The 125 full-time staff still has their group policy, but with LyfeBank now all the part-time staff can receive a healthcare contribution based on hours worked that is deposited into their LyfeBank account. The part-time staff can accumulate their contribution dollars into their LyfeBank account to purchase an individual or family health insurance policy. The part-time community college teachers can add contributions from their other employers enrolled with LyfeBank, as well.